Exchange supply levels for LINK continue to decline, following the same movement that began a few years ago.
With profits and open interest at sky-high levels, will this ignite the next market upswing, or is there more to the story?
Exchange Reserves Drying Up
According to data from CryptoQuant as of the time of writing, the token’s supply levels on exchanges have dropped to 161.8 million, marking a multi-year trend that began in mid-2023, when the price was around $6 to $7.
Source: CryptoQuant
Despite the dwindling supply levels, the asset has been steadily increasing, now up over 230% since the range from over two years ago.
The lower the availability for sale, the lower the pressure on the market. Additionally, dropping reserve levels of tokens on exchanges typically coincides with bull runs, as the limited supply can catalyze price jumps.
If LINK sees an increase in buying momentum, the reduced liquidity could set the stage for higher prices.
Profits Near Apex Levels
Glassnode’
We współpracy z: https://cryptopotato.com/chainlink-link-faces-supply-crunch-bullish-breakout-ahead/
